• January FDI reverses 3-month fall
• RBI extends deadline for buying back FCCBs
• IPL broadcasting rights: Sony drags BCCI to court
• LIC raises stake in IOB to 9.96%, in Cummins too
• According to RBI data on FDI inflows from April 2008 to January 2009, Foreign Direct Investment (FDI) inflows have expanded by 54.66 % in January 2009, as overseas companies pumped $2.73 billion against $ 1.76 billion in the same month a year ago. FDI inflows had dipped for three months till December, 2008, against the backdrop of the global financial crisis, as overseas companies either postponed or cancelled investment plans. (BS)
• Reserve Bank of India (RBI) has extended the deadline for buying back foreign currency convertible bonds (FCCBs) from previous deadline of 31 March to 31 December, giving a temporary relief to Indian corporations. RBI had, in December 08, allowed Indian companies to prematurely buy back their FCCBs without its approval at a minimum discount of 15% on the book value, provided the funds used for the repurchase were from existing foreign currency funds. (Mint)
• Sony Entertainment Television has dragged the Board of Control for Cricket in India (BCCI) to the Bombay high court, challenging BCCI’s move to enter into a contract with World Sports Group after terminating its agreement with Sony on broadcasting rights of the Indian Premier League (IPL) in the country. Bombay High Court has restrained the BCCI from entering into any further agreement related to the Twenty20 tournament. (Mint)
• According to a disclosure made to the Bombay Stock Exchange, Life Insurance Corp. of India Ltd (LIC) has hiked its stake in Indian Overseas Bank (IOB) and engine maker Cummins India Ltd. It has raised its stake in IOB to 9.96% after purchasing additional shares worth Rs 57.65 crore through an open market transaction. In the second transaction, LIC raised its stake in engine maker Cummins India Ltd by 2.18% via open market purchases. It now holds 7.6%. (Mint)
